Senior living community is planned for Speedway

(artist rendering courtesy of Rebar Development)

SPEEDWAY, Ind. (Inside INdiana Business) — Plans were announced Monday for a $13 million senior living community in Speedway as part of the 25-acre Founders Square development. Fishers-based Rebar Development says the housing complex will include 60, two-bedroom apartments for residents 55 years of age or older.

The project, which was first announced in 2020, is near I-465 and the intersection of Crawfordsville Road and High School Road.

The project partners have announced several new businesses including an ALDI Grocery Store, Hampton Inn Hotel and Conference Center, and a Crew Carwash.

In addition to the private investment, the Town of Speedway has invested $5 million in infrastructure improvements including a new signalized intersection.

“When the Speedway Redevelopment Commission started the visioning process for Founders Square, we asked the community for their input on where the gaps were in our local resources,” said Tim Gropp, Speedway Economic Development Director. “Senior housing options was near the top of the list and this project will provide new housing options in the Town to begin to fill that gap.”

Project partners say they worked with the Indiana Housing and Community Development Authority to obtain the housing tax credits for the new community. Rent rates will be based on the area median income with units available at three different percentage thresholds and are expected to range from $500-$1000 a month.

Officials plan for the housing facility to be completed in the fall of 2022.